At some point, many startup owners may find themselves in limbo — either failing to increase their profits or not making much at all. If you happen to be one of them, it’s important to understand that there are ways to get over this slump, and it’s important to act on it now to steer clear of possible failure.
In order to overcome adversity, you will need to improve on the following key areas of your business to increase your bottom line.
Seeking expert advice is crucial, especially for startup owners who are feeling stuck, so that any situation can be assessed and handled better. Finding a mentor can prevent you from making further mistakes and fix current issues in your business. Business consultants here at Startup in Thailand have decades of experience and in-depth understanding of the local market, which can help you gain new business opportunities and fast-track growth and profitability. Obtaining effective business management support can help you give your startup a better business strategy with a much faster return on investment.
Stepping up your digital marketing can give your startup a stronger online presence. You can reach out to your target market much faster using social media networks like Facebook, Instagram, Twitter, and YouTube. Content marketing is another powerful way to reach out to potential customers. Ayima Kickstart highlights how even though it can be a challenging endeavor for small businesses and startups, the rewards are pretty compelling. A good content and SEO strategy can bring more people to your business website using articles that are relevant to what Google users search for. This means more people will learn about your startup, potentially leading to an increase in sales.
Improving sales is a continuous process that doesn’t have to be long or complicated. There are ways to drive up sales that are easier and quicker than memorizing complicated strategies from books and seminars. Chron points out that concepts such as upselling and cross-selling are simple to understand, but can boost sales significantly. Upselling is basically offering upgrades to products your customer has already decided to buy. For instance, a cashier at a coffee shop offering to upsize your coffee for a small amount is a common upselling practice. Cross selling is similar, but offers additional items that complement the product to be purchased, like when cake is offered when you order coffee.
Indirect spend, or expenditures on essentials that don’t make profits directly — like office supplies, furniture, equipment, etc. — may bloat easily if left unmanaged, and reduce your bottom line considerably. MH&L News notes how negotiating lower prices is a good approach but not enough to make significant savings. To have better control of your indirect spend, you also need to know when it’s too much, too little, or too costly. Finding the balance is key to having a well-managed inventory while saving a substantial amount of money.
Automating business processes used to be a convenience only big companies could afford. But thanks to technology and the internet, even startups can have access to automation. Forbes emphasizes key areas your startup should start automating to boost efficiencies and cut costs. For marketing, tools like Social Juke Box and Paper.li allow you to just “walk away” once they’re up and running. Meanwhile, automation tools for business operations are also readily available. When I Work is a free employee-scheduling app; CallTools offer a predictive dialer service that can save time for your call center; and Cleverload outlines different levels of warehouse automation. Lastly, tools like Keap, Capterra, ClickFunnels, and Chatfuel can automate emailing, CRM, sales funnels, and chatbots respectively, to help boost your sales.
In this digital age, cybersecurity should be a core objective even for startups seeking to protect their bottom line. Inc. stresses the importance of cloud security for cloud-based infrastructure, applications, and data. Network security is also crucial for protecting the devices and data controlled by your network administrator. VPNs and firewalls are also great investments for your online defense. Remember to always back up your data, and update and/or upgrade your existing tools, too. Provide cybersecurity training to your employees, but segment and limit their access as well.
Article exclusive for Startupinthailand.com
Written by Anna Cadman
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